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        <title><![CDATA[Verizon profits beat forecasts as lockdowns boost internet demand]]></title>
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            <media:title type="html">Verizon profits beat forecasts as lockdowns boost internet demand</media:title>
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        <content:encoded><![CDATA[<p>Verizon Communications topped Wall Street&#8217;s second-quarter financial estimates on strong demand for its phone and internet services by housebound customers.</p><p>The telecom giant said Friday that coronavirus-induced stay-at-home orders prompted a shift to remote working and learning, helping it add 173,000 postpaid phone customers, well above analysts&#8217; estimate of 61,200.</p><p>But even as more customers were stuck at home, Verizon said it continued to lose pay TV subscribers as cord-cutting accelerated. <strong>Chief executive Hans Vestberg</strong> said the company lost 81,000 net pay TV subscribers for its FiOS consumer video service in the second quarter, compared with a loss of 52,000 in the year-ago period.</p><p>At Verizon&#8217;s media division, which includes Yahoo, HuffPost and TechCrunch, the impact of the coronavirus throttled advertising and sent revenue for the unit down 24.5 percent from the year-ago period to $1.4 billion. Verizon said it saw revenue trends improving a bit in June, however.</p><p>Overall, Verizon&#8217;s net income rose 18.9 percent to $4.84 billion, or $1.13 a share, for the quarter ended June 30.</p><p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm">Excluding items, Verizon earned $1.18 a share. Quarterly revenue slid 5 percent to $30.4 billion.</p><p>The company said the decrease in revenue was due to the fact that it <strong>temporarily closed its retail stores</strong> since mid-March amid the coronavirus outbreak. At the end of June, Verizon said, roughly 60 percent of its stores were open.</p><p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm">Nonetheless, Verizon bested analysts&#8217; predictions of EPS of $1.15 on sales of $29.93 billion.</p>]]></content:encoded>
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